Public Finance

State Funds

SECTION 35-4-23.1

§ 35-4-23.1. Indirect cost recoveries by state agencies.

All state agencies shall apply for recovery of indirect costs when recovery is permissible under federal statute and grant regulations. All funds received for indirect costs recovery shall be turned over to the general treasurer and shall be placed in a restricted account in each agency for the specific purposes designated through the annual budget process. The agency shall, through the annual budget process, report to the general assembly the estimated amount of federal indirect cost recoveries for the next fiscal year, together with the intended use of the funds. Nothing contained in this section, however, shall conflict with the powers and duties granted the board of governors for higher education and the board of regents for elementary and secondary education in chapters 59 and 60 of title 16.

History of Section.
(P.L. 1993, ch. 138, art. 5, § 2.)